Evercore ISI downgraded shares of Penske Automotive Group Inc. (NYSE:PAG) from a hold rating to a sell rating in a report released on Thursday morning. They currently have $39.00 price objective on the stock.
PAG has been the topic of a number of other research reports. Zacks Investment Research lowered Penske Automotive Group from a hold rating to a strong sell rating in a research note on Monday, July 18th. Gabelli lowered Penske Automotive Group from a buy rating to a hold rating in a research note on Thursday, September 15th. Seaport Global Securities assumed coverage on Penske Automotive Group in a research note on Tuesday, August 9th. They set a neutral rating on the stock. Finally, Stifel Nicolaus lowered Penske Automotive Group from a buy rating to a hold rating in a research note on Friday, September 16th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $39.00.
Shares of Penske Automotive Group (NYSE:PAG) opened at 45.17 on Thursday. The firm has a market capitalization of $3.85 billion, a PE ratio of 12.06 and a beta of 1.56. The stock has a 50 day moving average price of $47.60 and a 200-day moving average price of $39.72. Penske Automotive Group has a 52 week low of $29.29 and a 52 week high of $51.52.
Penske Automotive Group (NYSE:PAG) last posted its earnings results on Thursday, July 28th. The company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.02. Penske Automotive Group had a return on equity of 18.75% and a net margin of 1.65%. The firm had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.17 billion. During the same quarter in the prior year, the company earned $1.04 EPS. Penske Automotive Group’s revenue was up 6.8% on a year-over-year basis. Equities analysts anticipate that Penske Automotive Group will post $3.89 earnings per share for the current year.
In other news, major shareholder Corp Penske acquired 710,121 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The stock was acquired at an average cost of $39.10 per share, for a total transaction of $27,765,731.10. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Shane M. Spradlin sold 4,900 shares of the company’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $48.31, for a total value of $236,719.00. The disclosure for this sale can be found here. Insiders own 37.20% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in PAG. Fiduciary Management Inc. WI purchased a new stake in Penske Automotive Group during the second quarter worth approximately $31,193,000. Burgundy Asset Management Ltd. increased its stake in Penske Automotive Group by 12.1% in the second quarter. Burgundy Asset Management Ltd. now owns 2,588,167 shares of the company’s stock worth $81,424,000 after buying an additional 280,120 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Penske Automotive Group by 53.3% in the second quarter. JPMorgan Chase & Co. now owns 671,209 shares of the company’s stock valued at $21,116,000 after buying an additional 233,409 shares in the last quarter. HHR Asset Management LLC increased its stake in shares of Penske Automotive Group by 59.5% in the second quarter. HHR Asset Management LLC now owns 550,460 shares of the company’s stock valued at $17,317,000 after buying an additional 205,320 shares in the last quarter. Finally, Connors Investor Services Inc. bought a new stake in shares of Penske Automotive Group during the second quarter valued at about $6,266,000. Institutional investors and hedge funds own 40.65% of the company’s stock.
About Penske Automotive Group
Penske Automotive Group, Inc is a transportation services company that operates automotive and commercial vehicle dealerships in the United States and Western Europe. The Company distributes commercial vehicles, diesel engines, gas engines, power systems and related parts, and services in Australia and New Zealand.
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